Stale Thoughts and Broken Links

Old entries from my weblog on geophysics and the energy industry.


Dow Jones Newswires: Oil Profits Show Signs of Aging.

"Exxon Mobil Corp.'s disappointing second-quarter results highlight a new reality for the oil business: Increasing profitability amid today's high prices is increasingly difficult."

WSJ (subscription): Refining Margins Lift Chevron's Net.

"... results continued to underscore the challenge facing the oil giants as they attempt to increase ‘upstream’ output, which involves finding, developing and producing oil and gas reserves. Chevron, the second-largest U.S. oil company by market value after Exxon Mobil Corp., said it still expects 2007 oil and gas output to be essentially flat compared with 2006."

Motley Fool: Can It Get Better Than Schlumberger?

"... revenue growth for Oilfield Services accelerated everywhere except North America, where somewhat higher activity in the U.S. did not compensate for a major decline in Canada."

Press Release: PGS -- Another Record Breaking Quarter.

"Revenues of $355.9 million, up $45.5 million (15%) from Q2 2006. Operating profit of $131.0 million, up $39.9 million (44%) from Q2 2006."

Prensa Latina: Mexican Company Predicts End of Oil.

"Petroleos Mexicanos (PEMEX) announced that oil reserves may run out in seven years."


Houston Chronicle: ConocoPhillips' net income falls after withdrawal from Venezuela.

"Investors knew the company would write off the $4.5 billion value of its three Venezuelan oil projects in second-quarter results, so analysts shrugged at $310 million in earnings compared with $5.2 billion a year ago."

AFP: ExxonMobil profit steady at 10.26 billion dollars.


Houston Chronicle: Two big Houston drillers agree to merge.

"Transocean and GlobalSantaFe Corp., two of the largest offshore drilling contractors, have agreed to merge in a multi-billion deal that creates a global force in shallow and deep water regions at a time of unprecedented demand for oil and natural gas exploration."


Houston Chronicle: Schlumberger's profits jump 47 percent in second quarter.

"Dan Pickering, industry analyst with Pickering Energy Partners in Houston, told investors in a morning note the results were ‘better than even the biggest bulls expected.’"

"WesternGeco, which houses the company's seismic operations, posted a 28 percent increase in pre-tax operating income of $216 million. Revenues increased 18 percent to $665 million versus a year ago."


AFX News Limited: TGS Nopec cuts FY sales growth estimates to 15-20 pct from 20-25 pct.

"According to TGS, the delays centre upon two of its 3D vessels, the 'M/V Geo Barents' and 'M/V BGP Pioneer'."

Press Release: TGS Comments on Delayed 3D Vessels And 2007 Guidance.

The Age, Australia: Whales may have fled tests.

"Dr Rob McCauley, from Curtin University, said the noise from the seismic testing would have been audible from up to 15 kilometres away, though it was unlikely to have kept the whales away. ‘But it is a possibility and you can't rule out that seismic didn't stop them from coming.’"

Press Release: Wavefield Inseis Selected by Chevron For Seismic Survey Work in the Faroe-Shetland Basin.

"The project, due to be completed by August this year, will be acquired with a 10,000m seismic streamer towed at a depth of 23 metres. The deep towed source and streamer parameters have been designed to optimize low frequency signal."

Houston Chronicle: Plains to buy Pogo in $3.6 billion deal.


Houston Chronicle: This time, $70 oil just might stick.

"The Paris-based International Energy Agency issued a report this week projecting an increasingly tight oil market through 2012 despite four years of high oil prices.... It also forecast global economic growth will push the demand for oil from 86.1 million barrels a day this year to 95.8 million barrels a day in 2012."


Physorg: Study Shows Sonar Did Not Harm Fish.

"In the limited existing research on the effects of sound on fish hearing and behavior, Popper and several other scientists have discovered that exposure to some very loud sounds, such as seismic air guns, can produce no effect, or result in a range of effects from temporary hearing loss to more lasting damage to the haircells of fishes' inner ears."

Bay News 9: A seismic threat to fishing industry?

"Washington-based environmental group Defenders of Wildlife say seismic exploration, ‘has a hugely detrimental, if not fatal, effect on fish and marine mammals.’"

> They can probably duck charges of lying by saying, "Well, we said it wasn't fatal."

Business Wire: TGS Launches New Series of Greenland Exploratory Surveys.

"Already the industryıs premiere holder of multi-client Greenland exploration data, these projects will add 164,000 kilometers of aeromagnetic data and 8,800 kilometers of 2D seismic data to the collection."

PR Newswire: Geokinetics Inc. Reports Weather Will Negatively Impact Its Second Quarter.

Houston Chronicle: Devon Energy wagers $100 million on repeating Chevron's success drilling in the rockbed miles beneath Gulf waters.

"‘We still think there's about a 65 percent chance of this being a dry hole or a failure, but you're still willing to take quite a bit of risk when you're a step away from other wells that have been successful,’ [Tony Vaughn, vice president and general manager] said."


PR Newswire: CGGVeritas -- Two New Modern Seismic Vessels for CGGVeritas in 2010. (X-bows)

"CGGVeritas and Eidesvik Offshore ASA have entered into an agreement for the supply of two large seismic vessels to be newly built, with a total contract value of approximately US$ 420 million."

Shipping Times: Ulstein X-BOW shows it's possible to create shipping history.

AFX News: Petroleum Geo Services says Q2 seismic fleet utilisation up yr-on-yr.

"Norwegian seismic surveyor Petroleum Geo Services said its seismic vessel fleet used about 88 pct of its total time to acquire marine contracts and multi client seismic tests in the second quarter."

Oil Info: Deep revolution.

"Petroleum Geo-Services ASA is deploying its first 4C Fiber-Optic seismic monitoring system for a permanent seabed installation in deepwater Gulf of Mexico for Chevron Energy Technology Company, a Chevron Corporation subsidiary."

Miami Herald: Florida's senators fighting oil prospectors -- again.

"Republican Sen. Mel Martinez and Democratic Sen. Bill Nelson are teaming up to fight a proposal that calls for spending $10 million to conduct a seismic inventory of the ‘oil and natural gas resources of the Eastern Gulf of Mexico.’"

The Ithaca Journal: Seismic tests seek natural gas. Vibrations safe for houses, roads.

Walter Kessinger

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